Afternoon Movers: JPMorgan Chase, Dell, Dendreon
As major US equity indices traded lower today, these three stocks saw large price swings:
JPMorgan Chase (NYSE: JPM) closed around 1.6% higher for the day on around 1.6 times average daily volume.
Earlier today, JPMorgan's CEO Jamie Dimon testified before the Senate Banking Committee. While facing tough questions from senators, Dimon apologized for the company's multi-billion dollar trading loss and commented on the current state of banking regulation. Dimon stated that he is not against banking regulation, but that he believes in smart regulation. He went on to call the Volcker Rule “unnecessary.” Dimon seemed to be able to restore some confidence in JPMorgan, as the bank's shares jumped later in the session.
Dell (NASDAQ: DELL) closed up about 2.6% for the day and traded with approximately 2.3 times average daily volume.
Dell announced on Tuesday that it will issue quarterly cash dividend payments of $0.08 on its common stock. These payments are expected to begin in the third quarter of fiscal 2013.
The company's last quarterly earnings release showed enterprise solutions and services growing to 30% of revenues, while the firm's computer business shrunk as a percentage of revenues.
In Tuesday's dividend announcement, CEO Michael Dell stated, “We have changed the conversation we're having with our customers. We are a solutions company first, vertically focused, and creating more value for customers with innovative offerings that provide competitive advantage.”
CFO Brian Gladden noted, however, that Dell is still committed to its profitable computer business.
Dendreon (NASDAQ: DNDN) skyrocketed more than 13% Wednesday, as the company held its annual shareholder meeting and Summer Street Research initiated coverage on the stock with a Buy rating. Today's rise was accompanied by about 3.8 times the average daily trading volume.
Dendreon is a biotechnology company that focuses on the discovery and creation of cancer treatment options. Dendreon neared its 52 week low last week, around a month after the company detailed an SEC investigation in its last earnings release.
Shares of Dendreon closed Wednesday at $7.11.
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